Punch Pubs welcomes strong year of trading as acquisitions ramp up

Punch Pubs has welcomed strong trading for the 40 weeks to 18 May 2025, as revenues hit £251.7m over the period, compared to £241.5m the prior year. 

Both its leased and tenanted and pub partnership segments delivered like-for-like underlying EBITDA growth against the prior year, with total EBITDA for the period hitting £69.3m, up from £63.2m the prior year. 

Meanwhile, underlying EBITDA for the pub estates before central costs increased by £9.1m to £98.7 million. 

Underlying EBITDA for the 52 weeks to 18 May 2025 was £97.3m which compared positively to the £76m of adjusted underlying EBITDA from the wider Punch Group in the year to August 2019, being the most recent financial year prior to the pandemic. 

Punch Pubs said this strong profit follows growth in its like-for-like estate, which was driven by inflationary price increases and trade enhancing capex investment. 

It also cited its “opportunistic” acquisitions of single sites and small pub portfolios, with 65 acquisitions completed since August 2022. 

Over the 40 week period, the group has spent £17.1m on the acquisition of 29 pubs, and spent £27.1m on expansionary and maintenance capital. It has also identified the next tranche of pubs it plans to convert to its pub partnership model.

In addition, the group said it optimised its cost base as it implemented a £5.1m cost saving plan identified in partnership with Deloitte.

After the end of the period, the group also successfully completed the refinancing of the existing £600m senior secured notes and a £70m revolving credit facility.

Looking ahead, the group said it expects results to “further benefit from the continuation of the initiatives and investments described above”, as well as annual price increases implemented on 14 April 2025 and ongoing cost saving initiatives.